Wheat Rallying through Midday

Wheat markets are up by double digits across the domestic classes. Midday SRW futures are gaining 9 to 12 1/2 cents. HRW futures up by 6 to 10 cents so far. Current spring wheat quotes are 7 to 10 1/4 cents higher. 

Overnight Russia sent a fleet of 22 drones to attack Odessa in Ukraine. Ukraine’s air defense neutralized the attack, though the destroyed drones caused minor fires on the ground at the port. There were no casualties and only minor infrastructure damage reported. The attack came as the Black Sea Grain Corridor deal is set to expire next week. 

The weekly Crop Progress update showed winter wheat harvest advanced 9% points to 46% complete nationally. The 5-yr average pace would be 59% harvested by 7/9. Kansas was shown 59% harvested compared to 84% on average. As for conditions, winter wheat improved 3 points on the Brugler500 to 308. South Dakota, CO, and OH improved the most through the week. 

NASS reported spring wheat was 72% headed as of 7/9, up from 51% last week and 5% points ahead of the average pace. Spring wheat conditions were 47% good/ex, for a Brugler500 score of 329. That was down 6 points from last week driven by worsening in Montana. 

Jul 23 CBOT Wheat  is at $6.45 1/4, up 9 cents,

Sep 23 CBOT Wheat  is at $6.57, up 10 3/4 cents,

Cash SRW Wheat  is at $5.98 1/8, up 10 3/4 cents,

Sep 23 KCBT Wheat  is at $8.17 1/2, up 6 1/4 cents,

Cash HRW Wheat  is at $7.72 7/8, up 6 1/4 cents,

Sep 23 MGEX Wheat  is at $8.58 1/4, up 8 cents,